Alabama Aircraft Announces New Contract for Subsidiary Space Vector Corporation

  
    
  
  
    
      Alabama Aircraft Industries, Inc. (NASDAQ: AAII) announced today 
      that its subsidiary, Space Vector Corporation, has been awarded a 
      contract for the development, qualification, testing and production of 
      GPS Metric Tracking Units for United Launch Alliance (ULA) of 
      Centennial, Colorado, a joint venture between Boeing and Lockheed Martin 
      that operates space launch systems using the Atlas V, Delta II and Delta 
      IV. It is estimated that the contract will be worth approximately $4.9 
      million over the next two years.
    
    
      Ron Aramini, president and chief executive officer of AAII stated, “We 
      are very pleased to announce this award. Space Vector has become a 
      pioneer in the production of GPS tracking units for space vehicles and 
      this unique distinction is a very exciting prospect for the future of 
      Space Vector.” Phil Panzera, president of 
      Space Vector Corporation noted, “With this 
      award from ULA, Space Vector’s innovative and 
      custom GPS solutions—which were also recently 
      selected for use on U.S. Missile Defense Agency target programs—are 
      now nicely positioned to assist many other launch vehicle providers in 
      meeting the new USAF range safety requirements.”
    
    
      Alabama Aircraft Industries, Inc., with executive offices in Birmingham, 
      Alabama, and facilities in Alabama, and California, performs maintenance 
      and modification of aircraft for the U.S. Government. The company also 
      provides aircraft parts and support and engineering services and full 
      service overhaul and repair for a wide range of aircraft. AAII also 
      develops and manufactures rocket vehicles and related subsystems and 
      components.
    
    
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      Act of 1933, as amended, and Section 21E of the Securities Exchange Act 
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      weaknesses in the Company’s internal control 
      over financial reporting; regulatory changes that adversely affect the 
      Company's business; loss of key personnel; and other risks detailed from 
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      Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The 
      Company cautions readers not to place undue reliance on any 
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